Gross paid claims of all types of insurance plans rose 34% year on year
Gold prices continued to rally in Dubai in early trade on Tuesday, rising to a new record high.
The Dubai Jewellery Group data showed the 24K variant of the yellow metal was trading at Dh319.50 at the opening of the markets on Tuesday, rising Dh0.50 per gram.
Among the other variants, the 22K, 21K and 18K were trading higher at Dh295.75, Dh286.25 and Dh245.25 per gram, respectively,
[Editor's Note: For real-time gold rates, click on the widget below or visit KT's dedicated Trading News page here.]
Globally, gold was trading slightly higher at $2,626.43 per ounce.
The yellow metal has been rallying due to expectations around further interest rate cuts by the US Federal Reserve as well as the geopolitical tension in the Middle East.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said the yellow gold was catapulted to a fresh all-time high on the back of soft US yields and rising demand for the safety of gold due to the rising geopolitical worries in the Middle East.
“The RSI (Relative Strength Index) indicator flashes the overbought conditions, suggesting that gold has been bought too rapidly in a too short period of time and that a downside correction would be healthy at the current levels. Yet, confusion regarding whether the stock markets deserve to advance to fresh records while the Fed is rushing toward exiting its tightening policy and the tense geopolitical setup could help gold bulls overlook the overbought conditions for a little while,” he said.
ALSO READ:
Gross paid claims of all types of insurance plans rose 34% year on year
Event attracted representation from more than 60 countries
Renewed brand identity centres around the belief that “Food is a Blessing”
Dubai, Abu Dhabi, and Sharjah are among the top 10 startup ecosystems in the region
Brokers licensed in financial free zones for reinsurance businesses are exempt from these changes as a regulatory regime will apply to them
Measures are aimed at preserving the integrity and sustainability of the nation's financial and economic system
Several Indian and foreign companies setting up facilities in India
Key players across sectors are seeing a significant uptick in bookings